when was direct deposit invented?

What we found is that modern direct deposit was created in the US via the NACHA in 1974. They are processed through the Automated Clearing House network.

A 2500 year-old similar system was also used around 4th century BC, known as the “giro” system. During the rule of the Greek Ptolemies, the state granary deposits worked as the banks with huge networks and headquartered at Alexandria - much like the Central Banks in today’s governments.

This place hosted the records of the main accounts from all of the regional grain-banks in Egypt. And from there, a system of payments transfer was implemented - one where balances could be transferred between accounts without the need of physically moving the grain-money.

Bank giro transfers are predominantly used in European countries such as Germany, Austria, the Netherlands and Sweden, where they are seen as an effective way for companies to receive payments from foreign customers.

Find out how direct deposit works & how to set it up at Wallethub.com.